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Schedule III - Real Estate and Accumulated Depreciation - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 249,164    
Initial Cost to Company, Land 53,787    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 299,779    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 20,509    
Gross Amount at Which Carried at Close of Period, Land 54,936    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 320,288    
Gross Amount at Which Carried at Close of Period, Total 375,224 [2] $ 373,935 $ 410,102
Accumulated Depreciation and Amortization (64,129) [2],[3] $ (49,377) $ (38,608)
Avondale Shops [Member] | Washington, D.C. [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] 2,746    
Initial Cost to Company, Land 1,776    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 6,593    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 12    
Gross Amount at Which Carried at Close of Period, Land 1,776    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 6,605    
Gross Amount at Which Carried at Close of Period, Total [2] 8,381    
Accumulated Depreciation and Amortization [2],[3] $ (1,410)    
Date of Construction/Renovation 2010    
Date Acquired 2019    
Brookhill Azalea Shopping Center [Member] | Richmond, VA [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 9,198    
Initial Cost to Company, Land 1,344    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 15,554    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 1,409    
Gross Amount at Which Carried at Close of Period, Land 1,344    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 16,963    
Gross Amount at Which Carried at Close of Period, Total [2] 18,307    
Accumulated Depreciation and Amortization [2],[3] $ (4,341)    
Date of Construction/Renovation 2012    
Date Acquired 2019    
Coral Hills Shopping Center [Member] | Capitol Heights, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 12,385    
Initial Cost to Company, Land 2,186    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 14,317    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 177    
Gross Amount at Which Carried at Close of Period, Land 2,186    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 14,494    
Gross Amount at Which Carried at Close of Period, Total [2] 16,680    
Accumulated Depreciation and Amortization [2],[3] $ (4,454)    
Date of Construction/Renovation 2012    
Date Acquired 2019    
Crestview Square Shopping Center [Member] | Landover Hills, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 11,856    
Initial Cost to Company, Land 2,853    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 15,717    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 137    
Gross Amount at Which Carried at Close of Period, Land 2,853    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 15,854    
Gross Amount at Which Carried at Close of Period, Total [2] 18,707    
Accumulated Depreciation and Amortization [2],[3] $ (4,800)    
Date of Construction/Renovation 2012    
Date Acquired 2019    
Hollinswood Shopping Center [Member] | Baltimore, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 12,104    
Initial Cost to Company, Land 5,907    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 15,050    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 3,859    
Gross Amount at Which Carried at Close of Period, Land 5,907    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 18,909    
Gross Amount at Which Carried at Close of Period, Total [2] 24,816    
Accumulated Depreciation and Amortization [2],[3] $ (5,154)    
Date of Construction/Renovation 2020    
Date Acquired 2019    
Midtown Colonial [Member] | Williamsburg, VA [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 10,030    
Initial Cost to Company, Land 3,963    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 10,014    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 3,955    
Gross Amount at Which Carried at Close of Period, Land 3,963    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 13,969    
Gross Amount at Which Carried at Close of Period, Total [2] 17,932    
Accumulated Depreciation and Amortization [2],[3] $ (2,866)    
Date of Construction/Renovation 2018    
Date Acquired 2019    
Midtown Lamonticello [Member] | Williamsburg, VA [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 8,961    
Initial Cost to Company, Land 3,108    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 12,659    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 253    
Gross Amount at Which Carried at Close of Period, Land 3,108    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 12,912    
Gross Amount at Which Carried at Close of Period, Total [2] 16,020    
Accumulated Depreciation and Amortization [2],[3] $ (2,313)    
Date of Construction/Renovation 2019    
Date Acquired 2019    
Vista Shops at Golden Mile [Member] | Fredrick, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 15,985    
Initial Cost to Company, Land 4,342    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 10,219    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 579    
Gross Amount at Which Carried at Close of Period, Land 4,342    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 10,798    
Gross Amount at Which Carried at Close of Period, Total [2] 15,140    
Accumulated Depreciation and Amortization [2],[3] $ (3,802)    
Date of Construction/Renovation 2009    
Date Acquired 2019    
West Broad Commons Shopping Center [Member] | Richmond, VA [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 11,545    
Initial Cost to Company, Land 1,324    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 18,180    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 460    
Gross Amount at Which Carried at Close of Period, Land 1,324    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 18,640    
Gross Amount at Which Carried at Close of Period, Total [2] 19,964    
Accumulated Depreciation and Amortization [2],[3] $ (4,832)    
Date of Construction/Renovation 2017    
Date Acquired 2019    
Lamar Station Plaza East [Member] | Lakewood, CO [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 0    
Initial Cost to Company, Land 1,826    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 3,183    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 2,660    
Gross Amount at Which Carried at Close of Period, Land 2,904    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 5,843    
Gross Amount at Which Carried at Close of Period, Total [2] 8,747    
Accumulated Depreciation and Amortization [2],[3] $ (2,038)    
Date of Construction/Renovation 1984    
Date Acquired 2020    
Cromwell Field Shopping Center [Member] | Glen Burnie, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 12,508    
Initial Cost to Company, Land 2,256    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 15,618    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 2,128    
Gross Amount at Which Carried at Close of Period, Land 2,256    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 17,746    
Gross Amount at Which Carried at Close of Period, Total [2] 20,002    
Accumulated Depreciation and Amortization [2],[3] $ (4,588)    
Date of Construction/Renovation 2020    
Date Acquired 2021    
Highlandtown Village Shopping Center [Member] | Baltimore, MD [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 8,721    
Initial Cost to Company, Land 2,998    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 4,341    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 111    
Gross Amount at Which Carried at Close of Period, Land 2,998    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 4,452    
Gross Amount at Which Carried at Close of Period, Total [2] 7,450    
Accumulated Depreciation and Amortization [2],[3] $ (2,606)    
Date of Construction/Renovation 1987    
Date Acquired 2021    
The Shops At Greenwood Village [Member] | Greenwood Village, CO [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 21,643    
Initial Cost to Company, Land 3,170    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 27,560    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 721    
Gross Amount at Which Carried at Close of Period, Land 3,242    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 28,281    
Gross Amount at Which Carried at Close of Period, Total [2] 31,523    
Accumulated Depreciation and Amortization [2],[3] $ (8,333)    
Date of Construction/Renovation 2019    
Date Acquired 2021    
Lamar Station Plaza West [Member] | Lakewood, CO [Member] | Shopping Center [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 18,585    
Initial Cost to Company, Land 8,774    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 13,996    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 1,969    
Gross Amount at Which Carried at Close of Period, Land 8,773    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 15,965    
Gross Amount at Which Carried at Close of Period, Total [2] 24,738    
Accumulated Depreciation and Amortization [2],[3] $ (3,758)    
Date of Construction/Renovation 2016    
Date Acquired 2022    
Midtown Row [Member] | Williamsburg, VA [Member] | Mixed Use [Member]      
Real Estate And Accumulated Depreciation [Line Items]      
Encumbrances [1] $ 92,897    
Initial Cost to Company, Land 7,960    
Initial Cost to Company, Building and improvements, intangible lease assets and liabilities and furniture and equipments 116,778    
Initial Cost to Company, Cost Capitalized Subsequent to Acquisition 2,079    
Gross Amount at Which Carried at Close of Period, Land 7,960    
Gross Amount at Which Carried at Close of Period, Building and improvements, intangible lease assets and liabilities, furniture and equipments 118,857    
Gross Amount at Which Carried at Close of Period, Total [2] 126,817    
Accumulated Depreciation and Amortization [2],[3] $ (8,834)    
Date of Construction/Renovation 2021    
Date Acquired 2022    
[1] Includes fair market value of debt adjustments and debt discount, net
[2] The changes in total real estate and accumulated depreciation and amortization for the years ended December 31, 2024 and 2023 is as follows:

 

 

 

For the year ended December 31,

 

(in thousands)

 

2024

 

 

2023

 

Cost

 

 

 

 

 

 

Balance at beginning of period

 

$

373,935

 

 

$

410,102

 

Acquisitions

 

 

 

 

 

 

Dispositions and write off

 

 

(952

)

 

 

(44,774

)

Capitalized costs

 

 

2,241

 

 

 

8,607

 

Balance at end of period

 

$

375,224

 

 

$

373,935

 

 

 

 

 

 

 

 

Accumulated depreciation and amortization

 

 

 

 

 

 

Balance at beginning of period

 

$

49,377

 

 

$

38,608

 

Depreciation and amortization

 

 

15,075

 

 

 

18,967

 

Dispositions and write off

 

 

(323

)

 

 

(8,198

)

Balance at end of period

 

$

64,129

 

 

$

49,377

 

[3] The cost of building and improvements is depreciated on a straight-line basis over the estimated useful lives of the buildings and improvements, ranging primarily from 5 to 49 years. The cost of intangible lease assets and liabilities is amortized on a straight-line basis over the initial term of the related leases, ranging up to 19 years. See Note 2 to the consolidated financial statements for information on useful lives used for depreciation and amortization.